Tullow, Centric Energy to Explore Oil in Northern Kenya

NAIROBI (Dow Jones Newswires), Aug. 6, 2010

Centric Energy has signed an agreement with Tullow for a joint oil and gas exploration in northern Kenya block 10BA, the Daily Nation newspaper reports Friday.

The Canadian company said a binding agreement signed by the parties allows Tullow a 50% interest in exploring oil and gas in the block, subject to government approval, the daily says.

Alec Robinson, Centric's chief executive, said Tullow will earn a 50% stake and assume operatorship and in return, will reimburse Centric's acquisition costs for the production-sharing contract of block 10BA, which totals $750,000, the daily says.

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